Microeconomics Chapter 2

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Production Possibility Frontier

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5 Terms

1

Production Possibility Frontier

a graph that shows the combinations of two goods the economy can possibly produce given the available resources and the available technology.

<p>a graph that shows the combinations of two goods the economy can possibly produce given the available resources and the available technology.</p>
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2

Exports

Goods produced domestically and sold abroad.

To Exports means to sell domestically produced good abroad

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3

Imports

Goods produced abroad and sold domestically

To import means to purchase goods produced in other countries

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4

Absolute Advantage

the ability to produce a good using fewer inputs than another producer

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5

Comparative Advantage

the ability to produce a good at a lower opportunity cost than another producers

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